St. Canice’s Credit Union has established the SmartOption Business Loan to provide a flexible and convenient source of credit for those looking to set-up or expand their existing small business.

We have partnered with the Local Enterprise Offices in Laois and Kilkenny to offer business loans. The LEO assist in evaluating applications and offer business related mentoring services to applicants.

Under this small business support loan scheme, loans are made available to small businesses based on the viability of the future business plans and their ability to make loan repayments.  Loans are considered for most sound business purposes including working capital, machinery, equipment, furniture, fixtures, renovation, new construction or to support the roll out of a future business growth strategy which is considered viable.

Key Benefits:

  • 6.4% (APR 6.6%) interest rate
  • Loans of up to €50,000
  • Loan term of up to 5 years available
  • Start up or established businesses
  • Business mentoring
  • No administration fees or hidden charges
  • Interest is calculated on the reducing loan balance
  • Flexibility to pay off lump sums or clear the loan early without penalty

Repayments on a €25,000 loan over 5 years are €488.00 per month. Total cost of credit is €4,272.52.

Warning: The cost of your repayments may increase.

To apply for a SmartOption Business Loan, you must be a member of St. Canice’s Credit Union.  If you are not already a member,  go to the membership page on our website for eligibility criteria or call into your nearest credit union office.  Click here for Membership Information.

Alternatively, if you are already a member  and would like to find out more about our SmartOption Business Loan, the documents required, the application process or to get started with an application, simply download the application form,  complete (as best you can) and make an appointment with the Business Loans Officer at St. Canice’s Credit Union.  You can also collect a form from our Kilkenny offices located at 78 High Street, MacDonagh Junction, Dunnamaggin, Ballyragget and Graignamanagh or from our Laois offices in  Durrow, Mountrath and Rathdowney.

Typical timelines for application assessment:

  • From the time application and supporting material are supplied to the Credit Union it will take 5-10 working days before Local Enterprise Office contact you
  • Engagement process with Local Enterprise Office including mentoring and business plan development will take min. 15 working days (assuming the applicant has engaged fully and promptly with Local Enterprise Office and all supporting material has been completed)
  • Once this process is complete the Credit Union will make a decision on the application and contact you within 1 week

To Assess a business loan application the supporting documentation is likely to include:

  • Business Plan
  • Financial Projections
  • Bank and Credit Card Statements
  • Tax Clearance Certificate (existing business)
  • Additional documentation such as qualifications etc.

If you do not have a business plan or projections don’t worry, you can still make your application and the Local Enterprise Office will assist in preparing these items during the free mentoring sessions.

Visit our Downloads page to download a SmartOption Business Loan Application Form.